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Top 5 SBA franchise loan lender*
+$600 million franchise loans funded
+$2 billion in SBA loans since 2020
+2,000 SBA loans funded since 2020
Without financial history, small businesses can struggle to secure loans
Small businesses often face significant challenges when seeking financing, which can hinder their growth and sustainability. According to a recent survey, 43% of small businesses that sought financing received less than or none of the funds they requested. This shortfall is often due to stringent lending requirements, such as high credit score demands and insufficient collateral.
Additionally, many small business owners struggle to find the most suitable type of loan. They may not be aware of alternative financing options, which may offer more flexible terms. However, these options can also come with their own set of challenges, including complex application processes and varying qualification criteria. Furthermore, many small businesses often lack the financial history or assets to qualify for traditional bank loans, putting them at a disadvantage compared to larger, more established companies.
Small businesses have more options than they think when it comes to financing
For small businesses struggling to secure traditional financing, the SBA loan program can be a ray of hope. SBA loans, including the 7a and 504 loan programs, provide flexible options with lower down payments, longer repayment terms, and competitive interest rates. Unlike conventional loans, SBA loans require less stringent collateral and credit requirements, making them accessible to small businesses that might otherwise be overlooked by traditional lenders.
The 7a loan program, the most popular SBA loan, can be used for a wide range of purposes, such as working capital, equipment purchases, and business expansion. The 504 loan program, on the other hand, is ideal for real estate and large equipment purchases, helping businesses with fixed asset needs.
The SBA is crucial in supporting small business growth across the U.S. However, the application process can still be challenging without the right guidance. First Bank of the Lake has extensive experience in SBA lending and has helped many small businesses navigate the complexities of the SBA program. With over $1.1 billion in SBA loans financed, First Bank of the Lake is ensuring that business owners have the support they need to succeed.
Real business owners. Real results.
Woof Gang Bakery SBA Loan Case Study
After years in HR, Kasia followed her passion for animals and, with a $345K SBA loan from First Bank of the Lake, quickly launched her Woof Gang Bakery & Grooming franchise — already nearing breakeven just months in.
Tint World SBA Loan Case Study
After losing his wife, a friend, and his life savings, Dan Billings reinvented his life with a Tint World franchise — and with guidance and an SBA loan from First Bank of the Lake, his business is thriving and he’s already eyeing a second location.
Lifetime Green Coatings SBA Loan Case Study
Father and son duo Barry and Parker Norfleet launched six Lifetime Green Coatings franchises with a $400K SBA loan from First Bank of the Lake — quickly setting up operations and nearly breaking even within just three months.
What Our Customers Say
Gave Me the Confidence I Needed
Huge thanks to Tammy and Brandi. Tammy was my first point of contact and gave me the confidence I needed since there isn't a local branch near where I live. Brandi has been answering ALL my questions since and has excellent follow up and has taken great care of me.
— Michele Houston
Genuinely Interested in Helping My Business Succeed
First Bank of the Lake was a tremendous help in securing a 504 small business loan for my company. Every staff member I interacted with was professional, friendly, and genuinely interested in helping my business succeed.
— Don Kamb
Exceptional Service
I cannot say enough positive things about my experience working with Eric as my SBA loan officer. From start to finish, he provided exceptional service and went above and beyond to ensure that every issue we encountered was resolved quickly and efficiently.
— Bryan Crowe